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1. A companys giveroll information for the month of whitethorn follows: administrative salaries| $2,000| gross revenue salaries| 3,500| Shop wages| 4,000| FICA taxes withheld| 700| national income taxes withheld| 1,300| medical checkup redress premiums withheld| 415| confederation dues withheld| 205| | | On May 31 the company issued strike take away No. 335 succumbable to the payroll Bank Account to pay for the May payroll. It issued payroll checks to the employees after depositing the check. (1) Prep atomic number 18 the journal ledger first appearance to record (accrue) the employers payroll for May. (2) restore the journal entry to pay for the May payroll. The federal and say unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paying to each employee-the wages and salaries affair to these taxes were $6,000. (3) Prepare the journal entry to record the employers payroll taxes.

assist: May| 31| administrative Salaries write off| 2,000| | | | Sales Salaries Expense| 3,500| | | | Shop recompense Expense| 4,000| | | | FICA Taxes account payable| | 700| | | Federal Income Taxes payable| | 1,300| | | Employee Medical Insurance payable| | 415| | | Employee Union Dues Payable| | 205| | | increase Payroll Payable| | 6,880| | | | | | | 31| Accrued Payroll Payable| 6,880| | | | hard currency| | 6,880| | | | | | | 31| Payroll Taxes Expense| 1,072| | | | FICA Taxes Payable| | 700| | | Federal Unemployment Taxes Payable*| | 48| | | State Unemployment Taxes Payable*| | 324| | | | | | | | *$6,000 x 0.008 = $48.| | | | | *$6,000 ! x 0.054 = $324.| | | 2. A companys employer payroll taxes are 0.8% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA neighborly surety taxes on earnings up to $87,000, and 1.45% for FICA Medicare taxes on all...If you indispensability to deliver a full essay, order it on our website: OrderCustomPaper.com

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